Notes from Sheela

  5% was kept for essential commodities and industrial inputs while the 14% was kept as the general rate. by Sheela Mamidenna As the Chairman of the Empowered Group of State Finance Ministers which was instrumental in the formulation of GST Laws in 2009, Dr Asim Kumar Dasgupta can be rightly called as the ‘architect of GST’. A reformer by heart he set out to mastermind the most ambitious tax reform in Indian history by introducing the Value Added Tax (VAT). He was the man who was instrumental in doing away with many draconian tax levies such as octroi and highway toll in West Bengal and was fondly referred to as ‘my US-trained finance minister’ by the then Chief Minister of West Bengal, Jyoti Basu.  Dr Dasgupta, an MIT graduate continues to inspire the new generation as he lectures at various seminars and reorganises his thesis titled, ‘Essays on Income Distribution and Capital Accumulation in Developing Countries’ that is likely to be released in 6 months.  In a freewhee...

  By offering freebies and massive subsidies, Jayalalithaa or 'Amma' as she was fondly called became the darling of her people. Sheela Mamidenna J. Jayalalithaa, the able and charismatic  Chief Minister of Tamil Nadu , passed away on December 5 while undergoing treatment in Chennai. Known for her acumen as a keen administrator, shrewd politician and erudite speaker, Jayalalithaa took on the development of the state of Tamil Nadu on a war footing with an iron hand. She realised early on in her career that people wanted an able administrator who would take care of all their needs and she listened to them. By offering freebies and massive subsidies, Jayalalithaa or 'Amma' as she was fondly called became the darling of her people. Among the most ambitious of her projects was the power generation and supply project. Power generation and supply Tamil Nadu, once power-surplus, literally fell into the dark ages, with a steadily worsening power situation, starting around the ...

The world's mightiest country feels threatened by refugees? Did it forget its history? President Trump's executive order of banning refugees belies everything that America stands for including its economic policies. The share of economic greatness that immigrants brought to America cannot be equated to anything. Though small in number they have created history and history can never be denied access. An amalgamation of people of various faiths, languages and cultures have made America what it is today. By denying those whose intrinsic mental capabilities need a freer environment to bloom Trump is not only being cruel, he is likely to harm the 'economic environment' of US. Let us look at the economic greatness that the refugees brought to the US. Sergey Brin's parent company, Alphabet with a market capitalization of $533 billion, is now America's second most economically powerful company. Brin immigrated to the US from the Soviet Union in 197...

The Government of India is seized of the issue of Exporters complaining about delay in grant of refunds pertaining to Integrated Goods and Services Tax (IGST) paid on goods exported out of India and similarly Input Tax credit (ITC) on exports. Media reports with incorrect estimations of refund amounts held-up for the period July to October 2017 have been noticed. It is clarified that the quantum of IGST refund claims as filed through Shipping Bills during the period July to October 2017, is approximately Rs. 6,500 crore and the quantum of refund of unutilized credit on inputs or input services, as per the RFD 01A applications filed on GSTN portal, is to the tune of Rs. 30 crore. With regard to IGST paid on goods exported out of India, majority of refund claims for exports made in July, 2017, wherever due, have been sanctioned. Refund claims of IGST paid for exports made in August, September and October 2017 are being sanctioned seamlessly wherever returns have been accurately...

India and United Kingdom will soon sign a MoU in the urban transport sector for cooperation in policy planning, technology transfer and institutional organisation. The Minister of Road Transport & Highways, Shipping and Water Resources, River Development & Ganga Rejuvenation Nitin Gadkari met Rt Hon Chris Grayling, Secretary of State for Transport in the Government of UK in London yesterday when the two sides discussed a draft MoU in this regard. The draft MoU seeks to facilitate cooperation in the transport sector and enable the sharing of expertise and latest technology to promote efficient mobility solutions. It is also expected to usher in policy reforms that can transform the transport sector through improved customer service/data analysis and better use of IT systems. The MOU will also help in promoting digital transactions and induction of high capacity diesel/electric vehicles in India. This MOU will also establish the terms on which such assistance can be pro...

Are the wheels of the BRICS juggernaut that fired the imaginations of every economist slowing to a halt? When this juggernaut came into being during the turbulent days of a global financial crisis, it was heralded as the messiah of growing economies set out to challenge the Western Goliath, for the leadership of international growth. When Jim O'Neil coined the acronym BRIC ( Brazil, Russia, India, China) in 2001 though later on South Africa joined the group in 2010, he did foresee an economic future that could go beyond $1 trillion! There wasn't a news byte in every forecast then that showed an upward trajectory in everything. Bar graphs shot up so high that sometimes the bars escaped from the presentation sheet they were contained in. Every forecast, every analysis of BRICS had a halo of super positive growth. Insane predictions were being made as the West was reeling under subprime mortgage crisis. People needed some ray of hope and the simple noun BRICS offered...